TO: Tazia Smith/db , Cc: Daniel Sabba/db , vahe Stepanian/db , Date: 10/10/2014 10:48 AM Subject: Re: S&P risk reversals.... [I] classification: For internal use only good morning, please cc Stewart going forward, thanks Paul Morris Managing Director Deutsche Bank Private Bank 345 Park Avenue, 27th Floor New York NY 10154 office: Cell: From: Tazia Smith/db/dbcom To: jeevacation@gmail.com, Cc: Paul Morris, Daniel Sabba/db/ Vahe Stepanian/db Date: 10/10/2014 10:33 AM Subject: S&P risk reversals.... [C] Classification: Confidential Good Morning Jeffrey - S&P listed options indicative levels below. If you have an upside view on us big caps, consider a risk reversal. Example: 1895p/1925c SPX November risk reversal +50.20 premium collected, offer side (Bloomberg) ref: 1917.01 Example: 186p/193c SPY March risk reversal +50.02 premium collected, offer side (Bloomberg) ref: 191.53 (Embedded image moved to file: pic01619.gif) (Embedded image moved to file: pic29860.gif) (Embedded image moved to file: pic07329.gif) Tazia Smith Director I Key Client Partners - US DB Securities Inc Deutsche Asset & wealth Management 345 Park Avenue 10154-0004 New York, NY, USA Tel. CONFIDENTIAL — PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0 124723 CONFIDENTIAL SDNY_GM_00270907 EFTA01462256